According to new government data wages rose the highest since mid-2009 in the month of August.


Although wage growth stayed below 3% last month, the 2.9% clip is still the fastest pace since mid-2009 and could elevate expectations for the economy heading into the latter part of the year.

Weekly wages rose 3.2%. Inflation is eating away at some of those gains, but Friday’s report is a sign that overall pay appears to be firming as the labor market tightens.